The XRP price lasts quite strictly at the support level above USD 2.2 and is still the main level of bear rejection. This showed that buyers are starting to return at this level among the forecasts, that it will be a reflection point for the next rally. Regardless, the cryptographic analyst still believes that this support remains threatened, because Bears still reduces the price, and the result may be a earnest price accident.
The price of XRP can submit a classic bear trap
Although there was some recovery on the cryptographic market, and thus the price of XRP, there was not enough momentum to show that this is constant growth. This is something that the cryptographic analyst of mycryptoparade establishes In his latest analysis, he warns that it is possible that a digital resource can ultimately see the classic bear trap.
The reason for this is that there was a lot Bears on the XRP price chart This suggests that the price will probably fall. First of all, a change in character towards more bear puts sellers at the forefront, and this usually signals the beginning of the bear.
Another development that he shook Altcoin is the opposite cup and the handle pattern, which is still during the game. The cryptographic analyst also explained that these changes, in addition to the break below the key support trend, suggest that the disaster is coming at the price of XRP.
Hence, bears already exert pressure, which can cause 10% of the failure. This would burn the cryptocurrency back in the direction of previous support and according to the chart of the analyst lies just above USD 2. This means that hence the disaster exposes Altcoin to a risk of a decline below USD 2Something that would be incredibly bear and can lead to free rainfall.
Wait for confirmation before moving
Mycryptoparadise outlined that the best way to play this analysis is to wait for confirmation. Thanks to the Bear, they explain that it is best to wait for the price of XRP to see the “proper withdrawal” before they enter the market. This would boost the risk ratio to the prize after confirming the direction of the trend.
However, it is also possible that the XRP price will not disappoint and that it is at USD 2.28. The analyst explained that if the price is able to purely interrupt this level and successfully closure above USD 2.28, then it will annul the bears and would mean the continuation of growth. “In this case, it is better to remain patient and wait for more pronounced price actions before making any decisions,” said the analyst.
A distinguished picture from Dall.e, chart from tradingview.com
